Atlanta-based CatchMark Timber Trust Inc. recently revealed that the company has determined not to make an offer to acquire Phaunos Timber Fund Ltd., a Channel Islands domiciled, closed-end real estate fund.
Earlier this month, CatchMark revealed a potential offer for Phaunos, which valued Phaunos at $0.57 per share to be paid in new shares of CatchMark Class A common stock.
CatchMark Timber Trust Inc. is a self-administered and self-managed, publicly-traded timberland REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests, and well-timed real estate sales.
Headquartered in Atlanta and focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in approximately 1.6 million acres of timberlands located in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas.
As The REIT Wire previously reported, should the deal have moved forward, the combined company would have an $850 million equity value and $1.3 billion enterprise value. Jerry Barag, CatchMark President and CEO, previously said: “Consistent with our corporate strategy, this transaction would position CatchMark for future growth by strengthening our balance sheet and increasing sustainable diversified cash flow. It also would be CAD accretive and improve our credit metrics.”